It's a buyers market for modern art

The market bubble for Modern, Contemporary, and Impressionist Art has burst This has created some headaches for auctioneers and gallery owners and opportunities for buyers.  In the last year alone, the stock price for Sotheby's has dropped to $10 from $50.  Prices at auction are down 30% or more and will likely go lower.  Works that a year ago would never have appeared at auction are showing up in droves as art collectors try to cut their losses before the values go lower.  People who have taken out loans by using the value of their private art collections as collateral are in the same boat as homeowners who used their home's equity to borrow money.  As both values have dropped dramatically, these folks will have a hard time financing their debts.  In the meantime, art collectors are faced with opportunities to buy from a wide selction and at low prices.

 

http://online.wsj.com/article/SB1227135039966042291.html

 

Nate